Business News Roundup: Maaden, Etihad Airways, Gulf Stocks

The following is a selection of the top Middle East business news stories on Sunday May 19.

SAUDI ARABIA MINING CO., or Maaden, said that its subsidiary has resumed production at an ammonia plant in Ras-al-Khair following unplanned repairs.

Ammonia production resumed at its usual level from Friday, Maaden said in a statement on the website of the Saudi stock exchange. The joint-venture subsidiary, Maaden Phosphate Co., also used the down time to carry out routine maintenance which had been scheduled for this month, it said.

Production also resumed at a related ammonium plant, Maaden said. It expects a financial impact of 119 million Saudi riyal ($31 million) in the second quarter of the year.

Maden shares last traded down 0.7% at SAR30.80.

ETIHAD AIRWAYS said it had acquired three airport services companies from Abu Dhabi Airports Company as the airline looks to exploit cost and revenue synergies across ground handling, catering and cargo operations.

The three companies – Abu Dhabi Airport Services (ADAS), Abu Dhabi In-Flight Catering (ADIFC) and Abu Dhabi Cargo Company (ADCC) – employ 4,000 people and will be incorporated under Etihad Airport Services, a wholly-owned subsidiary of Etihad Airways, the airline said in an emailed statement. No financial details of the transaction were disclosed. Both Etihad Airways and Abu Dhabi Airports Company are owned by the government of Abu Dhabi.